Canada’s Centurion Energy International reported earnings of $1.45 million from its operations in the Middle East for the third quarter of 2003 compared to $1.9 million during the same period last year. Earnings for the nine months ending September 30, 2003 were $7.9 million compared to $4.4 million in 2002.
Egyptian production averaged 2,775 barrels per day (bpd) in the third quarter of the year and Tunisian production averaged 2,195 bpd.
Cash flow and earnings for both 3Q and the nine month period were adversely affected by the required accounting treatment for inventory stored in Tunisia at the quarter’s end. As of September 30, 2003, Centurion had produced approximately 85,000 barrels of crude oil, which cannot be accounted for as revenue in the period even though the inventory was sold subsequent to the period end.
Centurion therefore had to inventory all of its third quarter production from its El Bibane, Robanna and Ezzaouia fields in Tunisia and also inventoried 18,600 barrels of production from these fields at June 30, 2003. As a result, cash flow and earnings do not reflect the continued strong production from Centurion's three oil fields in Tunisia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
